My New Blog

With the approved 3% DownPayment/Gift Programs no longer being accepted by FHA this leaves some would-be home buyers still saving for that "one day".  And in the current economic times, no real certainty as to when that "one day" will come.  This is the best time for these would-be home buyers to become homeowners, as there is surplus inventory at reasonable prices.

Although the Gift Programs were the most widely used, there are still some alternative programs available.  So Virginia, like Santa Claus, they really do exist.

First Home Loan Bank Matching Funds Grant: www.fhlbatl.com            For every dollar Buyer contributes the program will match it up to five (5) times.  There is a $10,000 limit and a $500 Borrower Funds minimum.  See the website for income limits and requirements.  It is forgivable after 5 years.  Funds are available January through December until funds are exhausted.

Georgia Dream: www.dca.state.ga.us   There are two (2) programs under Georgia Dream.  One is for first time buyers, single parents, displaced homemakers, and disabled persons.  The loan is repayable upon sale or title transfer.  The gift limit is $250,000 and requires a $500 Borrower Funds minimum.  As of Sept 15th, 2008 the interest rate was 6.2%.  The second program is 0% 2nd mortgage up to $20,000 with a minimum of $5,000. See the website for income limits and details on both programs.

TAD Affordable Housing: www.Atlantada.com  Funds for new construction home purchases on the Eastside of Atlanta.  Communities include Oakland Park, Renaissance Walk, The Reynolds, Tribute Lofts, Twelve at Centennial Park.  Borrowers must provide a minimum of $1,500 in funds.  Ther are income limits but no 1st time buyer requirement.  Loan limits are $144,000 for a 1 bedroom and $155,000 for a 2 bedroom.  It is forgivable after 50 years and repayable upon sale or title transfer.  The rate is 0% interest for 50 years.

Home Atlanta: www.Atlantada.com Another City of Atlanta program with a 6.25% fixed rate.  Funds are available Dec 2008-Jan 2009.  Minimum of $1,500 in Borrower Funds. Check out website for further details and restrictions.

Home Atlanta Grant: www.Atlantada.com This is a GRANT, which means it is not repayable.  4% of loan is granted up to $299,475 non target and $366,035 for target income.  See website.  Funds are only available Dec 2008-Jan 2009.  Buyer must provide at least $1,500.

There are additional programs that I will blog about this week.